State Controller Betty T. Yee today launched her annual online tracker for April personal income tax (PIT) receipts under unique circumstances necessitated by the COVID-19 pandemic.
While April 15 is usually the PIT filing deadline – and April the highest-grossing month for PIT receipts – California’s Franchise Tax Board (FTB) extended the filing deadline for returns and tax payments on 2019 income to July 15 in conformity with the Internal Revenue Service.
Last fiscal year, personal income taxes accounted for 69.4 percent of all state General Fund revenues, with 19.5 percent arriving during the month of April.
“The month is a crucial bellwether for the state budget as Californians typically file hundreds of thousands of tax returns, the governor revises his Fiscal Year 2020-21 budget proposal in May, and the new fiscal year starts July 1,” explained Controller Yee, the state’s chief fiscal officer and chair of FTB.
The proposed FY 2020-21 budget released in January relied on an estimate of $18.4 billion in PIT receipts for April. While nearly 10.2 million Californians already have filed, it is too early to forecast how many will wait until July.
The running tally is accompanied by a chart showing how actual tax dollars received (minus tax refunds) compare to estimate. Previous years’ trends are available for comparison.
As the chief fiscal officer of California, Controller Yee is responsible for accountability and disbursement of the state’s financial resources. The Controller has independent auditing authority over government agencies that spend state funds. She is a member of numerous financing authorities, and fiscal and financial oversight entities including the Franchise Tax Board. She also serves on the boards for the nation’s two largest public pension funds. Elected in 2014 and reelected in 2018, Controller Yee is the tenth woman elected to a statewide office in California’s history. Follow the Controller on Twitter at @CAController and on Facebook at California State Controller’s Office.
This article was released by the California State Controller’s Office.